We're on a mission to reduce Bad Debt
Ko-bolt is a specialist commercial debt resolution and risk mitigation company
Why – We believe that no business should fail as a result of bad debt
How – Product innovation, technology and an ethos which puts the customer at the heart of everything we do
What – We exist to ensure that businesses have the right tools to avoid bad debt, legitimate and illegitimate
The silent problem of long-term fraud
The pandemic has affected all businesses, but there’s been a silent problem developing which was set in motion way before the word COVID was uttered, long-term fraud.
Long-term fraud can be broken down into 2 categories;
- General defrauding of suppliers by fake companies masquerading as legitimate enterprises that appear to be financially strong enough to warrant credit
- Fraudulent companies which work in collusion with fraudulent suppliers with the intent of defrauding credit insurers and invoice finance providers
Who’s behind these enterprises?
- Organised Crime – Relatively low risk for high reward. Very sophisticated operations with meticulous planning, but requiring very little investment. Large scale
- Unsophisticated Crime – usually individually led and opportunistic
- Legitimate companies which, due to financial pressure, turn illegitimate
The Solution - Ko-bolt Prevent
Fraud isn’t considered as fraud unless it’s proven in a court of law. These criminal enterprises are highly sophisticated and leave little or no trace of their identity, so prevention is key. Ko-bolt Prevent is a revolutionary product which uses a complex algorithm and machine learning to detect long-term fraud at the underwriting stage, disrupting fraudulent activity and preventing the risk of claims.
How does it work?
Ko-bolt Prevent takes data from a variety of sources and blends it together to produce a risk score. Where this score is low, no further action is required. But, where the score exceeds the acceptable parameters (1 in 100 requests), it is referred to our team of specialists for investigation. The team will then deep dive into the data to verify the legitimacy of the business and the results are updated via the API within 24 hours.